The Pulaski citizen. [volume] (Pulaski, Tenn.) 1866-current, 1887-12-15

consists in the supposition that the secrs-
tary of the treasury may enter the market
and purchase the bonds of the government
not yet due at a rate of premium to be
agreed upon. The only provision of law
from which such a power could be derived
is found In an appropriation bill passed
number of years ago; and it is subject to
the suspicion that it was intended as tenn
porary and limited in its application instead
Of comforting a continuing discretion and
authority. No condition ought to exist
which would justify the grant of power to
a single official, upon his judgment of its
necessity, to withhold from or release to the
business of the people, in an unusual man.
ner, money held in the treasury and thus
affect at his will the financial situation of
the country; and if it is deemed wise to
lodge In the secretary Of the treasury the
authority in the present juncture TO pur-
chase bonds, it should be plainly vested and
provided as far as possible with such checks
and limitations as will define this officials
right and discretion and at the same time
relieve him from undue responsibility.
In considering the question of purchasing
bonds as means Of restoring circulation the
surplus money accommodating in the treasury,
must of course be paid upon such purchase,
that there may be large part of these bonds
held as Investment which cannot be pur-
chased at any price, and that combinations
among holders who are willing to sell, may
unreasonably enchancs the cost of such
bonds to the government.
1t has been suggested that the present
bonded debt might be refunded at a less rate
OF interest and the difference between the
old and new security paid in cash, thus find
ing use for the surplus in the treasury. The
success of this plan, it is apparent, must de-
pend upon the volition of the holders of the
present bonds; and it is not entirely certain
that the inducement which must be offered
them would result in more financial benefit
to the government than the purchase of the
bonds, while the latter proposition would re-
duce the principle of the debt by actual pay
nlent instead of extending it.
The proposition to deposit the money held
by the government in banks throughout the
country for use by the people, is, it seems to
me, exceedingly objectionable in principle,
as establishing too close relationship be-
tween the operations of the government
treasury and the business of the country,
and too extensive commingling of their
money, thus fostering an unnatural reliance
III pIlNdbS DuSluOes upOn puDilC luuus. IL
this scheme should be adopted it should
only be done as temporary expedient to
meet an urgent necessity Legislative and
executive effort should generally be in the
opposite direction, and should have q ten
dency to divorce as much and as fast as can
safely be DONE the treasury department
from private enterprise OF course it is
not expected that unnecessary and extrava-
CANT appropriations will be made for the
purpose of avoiding the accumulation Of
any excess of revenue. Such expenditure,
besides the decentralization Of all just con-
ceptioIfs of public duty which it entails,
stimulates habit of reckless inprovidence
not in the least consistent with the mission
of our people on the high and benefcent
purposes of our government. l shall deem
it my duty to thus bring to the knowledge
of my countrymen, as well as to the atten
ton of their representatives charged with
the responsibility of legislative rslief, the
gravity of our financial situation The
failure Of the congress heretofore to pro-
vide against the dangers which it was quite
evident the very nature of the difficulty
must necessarily produce, caused condi-
ton of financial distress and apprehension
since your last adjournment, which taxed
to the utmost all the authority and expe-
Ql6QC WlL1lu 6A6CuUlF0 cOuUTOl, anu bnoSo
appear now to be exhausted. If disaster re-
suits from the continued inaction of con-
gress, the responsibility must rest where it
belongs
Though the situation thus far considered
is fraught with dasaser, which should be
fully realized and though it presents fea-
lures OF wrong TO the people, as well as
peril to the country, it is but result grow
ing out of a perfectly palpable and appar
ent cause constantly reproducing the same
alarming circJmstancss-a congested Ma
tional treasury and a depleted monetary
condition in the business of the country. 1t
need hardly be stated that while the present
situation demands a remedy, we can only
be saved from. a like predicament ist the
future, by the n1reoyal of its cause. Our
scheme of taxation by means of which this
needless surplus is taken from the public
treasury, consists of a tariff or duty levied
upon importions from abroad and internal
taxes lived on the consumption of tobacco
and spirituous and malt Liquors.
1t must be conceded that none of the
things subjected to integral revenue taxa
ton are, strictly speaking, necessarIes; :;
there appears TO be no Just complaint of
this taxation by the consumers of these
articles, and there seems to be nothing SO
we'll able to bear the burden without hard
chip to any portion OF the people. But our
present tariff laws, the vicious, inequitable
and illogical source Of unnecessary taxa :
ton, ought to be at once revised and
amended These laws as their primary and
plain effect, raise the price to consumers of
ell articles imported ard subject to duty,
by precisely the sum paid for such duties
Thus the amount OF the duty measures the
nv tbnca who rlrIraha for
these imported articles Many of these
things, however, are raised or manufactured
in our own country, and the duties now
levied upon foreign goods and products are
called protection to these home manufac-
turers, because they render it possible for
those of our people who are manufacturers
to make these taxed articles and sail them
for a price equal to that demanded fer the
imported goods that have paid customs
duty.
SO it happens that while comparatively q
few use the imported articles millions OF
of our people who use and never saw any of
the foreign products, purchase and use
things of the same kind made in this coun-
try, and pay therefor nearly or quite the
same price which the duty adds to the i'm.
ported articles. Those who buy imports
| pay the duty charged thereon into the pub
| lie treasury, but the great majority of our
citizens who buy domestic articles of the
same class, pay gum at least approxi-
matly equal to this duty to the home manu-
| facturer This reference to the operation
| of our tariff laws is not made by way OF
| instruction, but in order that we may be
constantly reminded Of the manner in which
they impose a burden on those who con.
| sunie domestic products, as well as those
who consume imported articles, and thus
create tax upon all our people
| 1t is not proposed to entirely relieve the
| country of this taxation; it must be extern
sively continued as the source of the govern
ment's income; and in readjustmeIt of our
tariff the interests of American labor en-
gagged in manufacture should be carefully
considered as well as the preservation of our
manufacturers. 1t may be called protection
or by any other name, but relief from the
hardships and dangers of our present tariff
! law should be devised with especial precu.
tion against in1periling the existence of our
manufacturing interests But this interest
should not mean condition, which without
regard to thu public welfare or a National
exigency, must always insure the realization
of immense profit instead of moderately pro